Indian conglomerate Reliance to make $10 billion renewable energy investment

In a bid to become a net zero carbon company by 2035, Indian multinational conglomerate Reliance Industries will invest US$10.1 billion in clean energy over the next three years.

Reliance, which gets 60% of its revenue from oil refining and petrochemicals, will spend 600 billion rupees on four giga factories to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.

It will also invest 150 billion rupees in value chain and other partnerships relating to its new renewable energy business, according to chairman – and Asia’s richest man – Mukesh Ambani.

During a shareholder meeting on Thursday, Ambani said: “The world is entering a new energy era, which is going to be highly disruptive. The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer.”

The oil-to-telecoms conglomerate had been under pressure from investors and climate change activists to adopt a roadmap to net zero emissions akin to fellow global oil majors Royal Dutch Shell and BP.

Reliance will also build solar capacity of at least 100GW by 2030, accounting for over a fifth of India’s target of installing 450GW by the end of this decade. “A significant part of this will come from rooftop solar and decentralised solar installations in villages,” Ambani said.